Under IFRS, the following is not part of the revenue recognition principle: Multiple Choice the transaction price is determinable when control to the goods and services has not been transferred to the customer promised goods or services have been transferred. the obligated performance is satisfied

Q: Why Sales revenue does not include the residual value?

A: The residual value, also known as salvage value, is the estimated value of a fixed asset at the end…

Q: hich of the following is not one of the criteria for revenue recognition? (Assume the company…

A: As Per ASPE Revenue Recognition,  Revenue is the gross inflow of cash receivable or other…

Q: Under the general rule of revenue recognition, revenue is recognized when Group of answer choices…

A: The revenue recognition principle says that we need to recognize the revenue at the time when goods…

Q: Match the following challenges in revenue recognition with their corresponding aspec A. Determining…

A: Accounting Concepts -The phrase "accounting concepts" refers to fundamental guidelines,…

Q: This revenue recognition method applies when the customer wants to make payments in portions and the…

A: Revenue recognition states that the revenue has to be recognized when it is earned or realized or…

Q: In general it argued that the lower of cost of market rule is supported most closely by which of the…

A: The lower of cost or market rule is related to valuing the inventory, the company should value the…

Q: Revenue should be recognized over time when a performance obligation is satisfied over time. That…

A: Given statement is: Revenue should be recognized over time when a performance obligation is…

Q: In the province of Ontario and for HST/GST purposes, if you sell exempt rated services, you cannot…

A: Exempt-rated supplies do not attract HST; Where as Zero-rated supplies, on the other hand, are…

Q: under the cost recovery method of revenue recognition, a. Income is recognized immediately b. Income…

A: Cost recovery method of recognition of revenue is used when there exists substantial doubt regarding…

Q: total revenue is incorrect

A: Total Revenue consist of  Revenue from Operation (Sales Revenue) Other Income (Interest Income,…

Q: Revenue Recognization Question. What is the significant difference between the Contract-Based…

A: Revenue recognition is the accounting principle that outlines the conditions under which revenue…

Q: Which of the following statements about the financial risk to providers under different…

A: Risk is the most under capitation.Here's why the reason is:This is accurate that, regardless of…

Q: A contract does not qualify for revenue recognition if Either party can unilaterally cancel the…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Explain how a not for profit determines whether a resource provider is participating in an exchange…

A: The objective of this question is to understand how a not-for-profit organization determines whether…

Q: Revenue can be recognized when all of the following criterias are met EXCEPT     There is credible…

A: BEFOR REVENUE IS RECOGNIZED FOLLOWING CRITERIA'S MUST ME MET : 1. PERSUASIVE EVIDENCE OF AN…

Q: To determine if a performance obligation exists,   A. none of the alternatives are correct.   B.…

A: Introduction: Performance obligation: Rendering service or delivering the goods are pending , its a…

Q: If the seller is paid after delivery of goods or services and the time value of money is viewed as…

A: If the seller is paid after the delivery of goods or services and the time value of money is viewed…

Q: According to the historical cost system, what is the objective of accounting and the role of profit?…

A: Historical cost system believes that the asset needs to be recognised on the basis of cost at the…

Q: When a transaction involves multiple performance obligations in a single transaction Select one :…

A: Answer  As per the IFRS 115 revenue recognition  the revenue should only be recognized only when…

Q: Using the contract-based approach, revenue is recognized for the sale of goods when the following…

A: According to the IFRS criteria, for revenue to be recognized, the following conditions must be…

Q: what is not needed to produce a payment to a vendor

A: Accounts payable represents the due amounts which the corporation has to pay in the future either…

Q: sales commissions are regarded as a product costs true false

A: Period Costs are costs which are not assigned to the products but are charged as expenses against…

Q: Why do proponents of LIFO argue that it provides a better match of revenue and expenses? Is there…

A: Because the costs of the most recent purchases are included in the cost of products sold, LIFO…